Staten Island CEO charged with defrauding investors to aid his business

A Staten Island business owner is accused of lying to get two men to invest in his Queens printing company, according to a published report.

Peter Saad, 61, of Bamberger Lane in Eltingville, was arraigned yesterday in Queens Supreme Court on second-degree grand larceny and first-degree scheme to defraud, the North Country Gazette reported. Saad, free on $35,000 bail, was the chief executive officer of Project 912 in Long Island City. The business was located on 13th Street, near the Queensboro Bridge.

He allegedly told one of the men, Joseph Shammas, about his business and made multiple false statements to get him to invest in it.

Saad reportedly told Shammas he had millions of dollars in London that would be liquidated and used to insure his investment. Saad said the money would be used to buy a printing machine and increase printing capacity. He also said he had the means to secure a top Wall Street job.

Shammas invested $150,000 and another man, Charles Chiarelli, contributed $100,000. Shammas was able to recoup $75,000 of his investment and Chiarelli was able to get back $30,000, the paper reported.